Business
Peel Hunt cheers ‘positive steps’ in Budget to boost London market and investing
UK investment bank Peel Hunt has given some support to under-pressure Chancellor Rachel Reeves over last week’s Budget as it said efforts to boost the London market and invest in UK companies were “positive steps”.
Peel Hunt welcomed moves announced in the Budget, such as the stamp duty exemption for shares bought in newly listed firms on the London market and changes to Isa investing.
It comes as Ms Reeves has been forced to defend herself against claims she misled voters by talking up the scale of the fiscal challenge in the run-up to last week’s Budget, in which she announced £26 billion worth of tax rises.
Peel Hunt said: “Following a prolonged period of pre-Budget speculation, businesses and investors now have greater clarity from which they can start to plan.
“The key measures were generally well received by markets, particularly the creation of additional headroom against the Chancellor’s fiscal rules.
“Initiatives such as a stamp duty holiday on initial public offerings (IPOs) and adjustments to the Isa framework are intended to support UK capital markets and encourage investment in British companies.
“These developments, alongside the Entrepreneurship in the UK paper published simultaneously, represent positive steps toward enhancing the UK’s attractiveness for growth businesses and long-term investors.”
Ms Reeves last week announced a three-year stamp duty holiday on shares bought in new UK flotations as part of a raft of measures to boost investment in UK shares.
She also unveiled a change to the individual savings account (Isa) limit that lowers the cash element to £12,000 with the remaining £8,000 now redirected into stocks and shares.
But the Chancellor also revealed an unexpected increase in dividend tax, rising by 2% for basic and higher rate taxpayers next year, which experts have warned “undermines the drive to increase investing in Britain”.
Peel Hunt said the London IPO market had begun to revive in the autumn, although listings activity remained low during its first half to the end of September.
Firms that have listed in London over recent months include The Beauty Tech Group, small business lender Shawbrook and tinned tuna firm Princes.
Peel Hunt added that deal activity had “continued at pace” throughout its first half, with 60 transactions announced across the market during that time and 10 active bids for FTSE 350 companies, as at the end of September.
Half-year results for Peel Hunt showed pre-tax profits jumped to £11.5 million in the six months to September 30, up from £1.2 million a year earlier, as revenues lifted 38.3%.
Peel Hunt said its workforce has been cut by nearly 10% since the end of March under an ongoing savings drive, with full-year underlying fixed costs down by around £5 million.
Steven Fine, chief executive of Peel Hunt, said: “The second half has started strongly, with the group continuing to play leading roles across both mergers and acquisitions and equity capital markets mandates.”
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.
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